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extra stout posted:as beaver pointed out nerds observed the fed printing money and making up new rules as they went and thought "that doesn't seem so hard" and they were right, the only thing keeping half the country from using one of the e-currencies is they have no marketing, it's confusing, and at any moment the fed will eventually hit it harder than JFK Lol I agree with all of this, unfortunately.
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Oct 24, 2017 02:20
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gently caress the ROW posted:Here's how bitcoin works: It is still (still [still {still}]) trivially easy to get money for Bitcoin but that doesn't change how bad an investment it is.
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Oct 24, 2017 02:31
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Waltzing Along posted:Ask yourself, if you had invested $100 in 10 bitcoins a few years back, would you have? I mean knowing what you do now? If you found yourself magically transported through time to 2012 with only the knowledge that you have now, you'd be dumb not to. You'd be dumb not to throw every dime you had into bitcoin in the first run-up, sell at $1000, then rebuy in at $200 and sell again today. Knowledge of how things went for the past five years doesn't make buying into it today a good idea.
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Oct 24, 2017 16:30
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Cease to Hope posted:also the part where if you bought bitcoins in 2012 you probably had them in an exchange that ended up robbing everyone If you were dumb enough to keep your funds on an exchange in 2012, I feel sorry for you. If you were transported through time and somehow made the same mistake, you're too retarded to live.
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Oct 24, 2017 16:37
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Cease to Hope posted:so how exactly are you cashing out bitcoins without using an exchange You move them to an exchange only when you want to sell, limiting your exposure. For being a bunch of geniuses you sure are having trouble understanding how a literal time machine would make it near impossible to lose.
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Oct 24, 2017 17:21
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CopperHound posted:I'd rather use the Big Mac index when comparing currencies. If I can buy 1500 Big Macs with $6000USD, how many can I buy with 1 bitcoin? If you can wait a day or so, probably 1495.
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Oct 25, 2017 03:34
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Burt Sexual posted:You keep saying Coinbase, like its the only feasible way to cash out. seems like having one bank in the entire nation to do business with. that wouldn't lead to any issues down the road no sir There are two exchanges where it's easy to cash out, coinbase and gdax. That there are only two is a problem, yes.
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Oct 25, 2017 19:46
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Burt Sexual posted:Do I have to mail them my passport, birth certificate, drivers license, and ssn card still too? (aka identity theft starter pack) For coinbase at least you need a photo ID, which is a reasonable standard for prevention of money laundering. My bank required more than that and my identity hasn't managed to get stolen yet. edit: I managed to sell my one bitcoin that I bought in 2014 for about $4800 in profit. The money has already landed in my account. I'll let you know if my identity gets stolen over it. CassandraZara fucked around with this message at 19:55 on Oct 25, 2017 |
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Oct 25, 2017 19:53
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Well I got out early at $5400 but I can't really be too sad, it was basically found money from 2014 after all.
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Nov 3, 2017 11:14
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QuarkJets posted:maybe don't talk about books that you clearly haven't even read personally I'm waiting for the movie
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Nov 10, 2017 07:32
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COMRADES posted:lol I don't think anyone profited on Bitcoin in 2015 or 2016, and the 2017 tax year isn't over yet. But yeah I'm not surprised that nobody reports it. I've got a CPA so I just let her handle it all.
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Nov 15, 2017 02:00
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FulsomFrank posted:I've never heard this one before. Is this a calculation of all the estimated electricity costs that went into the entire process from start to finish? I believe it is based on the average total hash rate for a transaction period (a known quantity), how much electricity it costs to produce that many hashes (an estimate, and I would guess that they use a low estimate for this, but it varies depending on the process, for instance a Javascript Bitcoin miner is less efficient than an ASIC), and an estimate for how much that electricity costs (I almost always see 10c per kwh, my own residential rate is 14c though). https://motherboard.vice.com/en_us/article/ywbbpm/bitcoin-mining-electricity-consumption-ethereum-energy-climate-change
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Nov 17, 2017 16:57
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divabot posted:electricity/hardware/building/etc costs will always approximate what the miner can sell the resulting BTC for - because the whole history of economics shows people spending up to $99.99 to make $100, and if they spend $101 to make $100 too much they go broke. mmm, I don't like that explanation nearly as much as mine, because there exist reasons to mine at a loss (money laundering, stealing electricity) edit: it also suggests that Visa's fees are as high as they are because they need to be to remain solvent, and not because of the profit they make CassandraZara fucked around with this message at 17:38 on Nov 17, 2017 |
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Nov 17, 2017 17:34
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divabot posted:The competitive pressure on Visa re: fees is not other card companies (it's a pretty cosy oligopoly) but other ways to pay. With Bitcoin mining, it's a market in resource wastage, because that's what PoW is designed to be. I don't know why you think that makes your original explanation correct.
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Nov 17, 2017 19:31
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divabot posted:because it is. What's wrong with it? Because people have reasons to mine at a loss! God I hope your book is full of this "because I said so" reasoning.
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Nov 18, 2017 00:22
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divabot posted:I have personally made more money from Bitcoin than a lot of the enthusiasts, without ever having touched one: If it really means anything that you've made a mid-four-figure amount from Bitcoin (and it must because you keep repeating it), you should know that Adar has made millions from poker (including a piece of a poker site), prediction markets, and other speculative investments.
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Nov 19, 2017 16:55
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Uranium 235 posted:it could have something to do with the Bank Secrecy Act since $10,000 is the threshold that banks are required to check ID and generate a report. coinbase isn't a bank but they still have to comply with anti-money laundering laws. Also if you take more than $10k in a way deliberately designed to avoid those reports, that's called structuring and is also illegal.
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Nov 21, 2017 00:55
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Stefan Prodan posted:Poker sites like to send exactly $9500 out max for withdrawals sometimes, but I've always just declared all the income and never had a problem. I assume if you are being transparent about it and not doing it to hide income they probably don't come after you? I dunno though If the poker site has that as it's limit then there's nothing you can do about it, would be my argument. If they're willing to do business in the United States then they're already playing fast and loose with the law.
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Nov 21, 2017 01:10
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MurderBot posted:So my question is: Will bitcoins ever drop down to like $50 again so I can buy like 10 of em and then wait for them to increase in value to like 100,000 so I can make tons of cash? You can buy $500 worth now and hope it grows to a million bucks, it's probably more likely than the scenario you've laid out.
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Nov 22, 2017 19:37
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Can't wait until we really can turn lead into gold but it takes 0.13% of all the world's electricity to do it.
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Nov 26, 2017 01:22
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john titor predicted this
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Nov 26, 2017 11:29
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Tenzarin posted:Wheres a link to see it go up and down? https://coinmarketcap.com/currencies/bitcoin/#charts
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Nov 29, 2017 20:32
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I think goons once again called the death of Bitcoin early.
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Nov 30, 2017 05:15
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I don't know, seemed like some people smelled blood and we're looking their chops already.
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Nov 30, 2017 05:31
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gary oldmans diary posted:the phrase is licking their chops. as in what a dog does when it salivates upon anticipating food there were two autocorrect errors in that post
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Nov 30, 2017 17:33
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gary oldmans diary posted:oh i wasnt trying to correct you. autocorrect wrote my whole post much like you're posting... ... ...damnit
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Nov 30, 2017 17:41
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This one made me laugh pretty good
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Nov 30, 2017 18:15
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a hot gujju bhabhi posted:If a drug dealers wallet is compromised then it's trivial for law enforcement to see literally every single transaction and who it came from. I have no idea where this nonsense about Bitcoin being anonymous came from. The blockchain is completely public. If you're talking about looking it up on the blockchain, then all they have is a wallet address. Sure, they might be able to trace those coins back to something like Coinbase who might be able to be subpoenaed and might give that information up, or Coinbase might tell them to gently caress off. If you just bought them from your buddy, who bought them from their buddy, and so on, then the trail could run cold. If you're talking about they're literally in the drug dealer's home and he has your home address written down somewhere, you'd run into the same problem if you mailed him a stack of cash. Cash is better for buying drugs though and who doesn't know a drug dealer in real life, lol.
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Dec 1, 2017 11:00
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I'm gonna buy a kitty but not because of Bitcoin, because they're cute.
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Dec 4, 2017 16:40
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willroc7 posted:what the gently caress is going on in this thread Kitties
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Dec 4, 2017 17:52
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I wanted to buy kittys but they're all too expensive now.
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Dec 4, 2017 21:30
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I have too many real kittys as is.
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Dec 4, 2017 22:31
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Facebook's lack of content creation and lack of payment for content creators is why it'll never catch up to YouTube though.
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Dec 5, 2017 04:42
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Fried Watermelon posted:Bitcoin industry is keeping the graphics card industry artificially high, pricing out the majority of gamers Bitcoin industry is driving innovation in number of boob polygons that can be rendered per second in my new Steam games.
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Dec 15, 2017 18:42
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Did they ever resolve that issue with like a million ethereum that were lost due to some guy accidentally deleting a line of code? I'd have to say that if I had a lot of faith in crypto, that would have shaken it.
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Dec 16, 2017 18:44
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Well if they got their money back then it's all good but otherwise there's like a lot of money just fading into the ether...
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Dec 16, 2017 18:55
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Comfy Fleece Sweater posted:It was like 300 million, but that was Good For Ethereum because it only made them more rare! Sounds like a Cobra Commander scheme. "All I have to do is destroy the world supply of ethereum and then I'll be the only one who has any!!!"
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Dec 16, 2017 19:14
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Rule 7: Bitcoin can't handle more than seven transactions per second
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Dec 16, 2017 20:16
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ilmucche posted:So how do the exchanges work? Do you post I have 1 bitcoin and am willing to sell for 17500 dollars, and then people who want to buy 0.1 bit coin pop in and at they'll pay 1750, 0.01 for 175 etc until your 1 bit coin has been sold off? An exchange doesn't do its trades on the block chain, so the transaction fee is whatever the exchange decides. On bittrex it's 0.25% paid by both the buyer and seller.
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Dec 17, 2017 21:52
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| # ¿ Apr 27, 2024 02:59 |
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Nessus posted:What's up with all these wash-trades bots I keep seeing whenever I look at this idiocy on the twitter box? I don't know why I'm quoted here but i don't know, it's probably a scam
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Dec 17, 2017 22:00
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